Description

Global Hemp-Based Foods Market 2016-2020 Description

Hemp is a sustainable crop, which is seeded toward the end of May or during early June. The hemp plants are grown close together and possess large and broad leaves. The harvesting of hemp begins around 120 days after seeding. Scientists believe that humans have been cultivating hemp for over ten thousand years, owing to its nutritional, medicinal, and industrial properties. As a crop, hemp is known to be one of humanity’s first domesticated crops. Over the years, hemp-based foods have emerged as superfoods in the health and wellness food category in North American and European markets.

Technavio’s analysts forecast the global hemp-based foods market to grow at a CAGR of 20.3% during the period 2016-2020.

Covered in this report

The report covers the present scenario and the growth prospects of the global hemp-based foods market for 2016-2020. The report analyzes the market potential for each geographical region based on the growth rate, macroeconomic parameters, consumer buying patterns, and market demand and supply scenarios.

The market is divided into the following segments based on geography:

Europe

North America

ROW

Technavio's report, Global Hemp-Based Foods Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

Key vendors

Hempco

Manitoba Harvest

Mettrum Originals

Naturally Splendid

Other prominent vendors

Braham and Murray

Canada Hemp Foods

Elixinol

Healthy Brands Collective

Hemp Foods Australia

Laguna Blends

Nutiva

The Cool Hemp Company

Market driver

Emergence of hemp as a superfood

For a full, detailed list, view our report

Market challenge

Stringent government regulations regarding cultivation and human consumption of hemp

For a full, detailed list, view our report

Market trend

Rise in demand for hemp-based foods from APAC

For a full, detailed list, view our report

Key questions answered in this report

What will the market size be in 2020 and what will the growth rate be?

What are the key market trends?

What is driving this market?

What are the challenges to market growth?

Who are the key vendors in this market space?

What are the market opportunities and threats faced by the key vendors?

Commenting on the report, an analyst from Technavio’s team said: “Customers prefer to shop online and pay for their orders using their credit or debit cards, which helps them avoid time-consuming journeys and billing queues. Online shopping portals now also provide improved security features for payments and efficient customer service, along with customer-friendly website designs that offer enhanced product visibility. This is a key trend for market growth and is encouraging various hemp-based food manufacturers to focus on the internet-savvy customer segment and venture into the new online retail format. This mode of business will help vendors save operating costs and overheads, which are lower in the online retail format than in the physical store format.”

According to the report, emergence of hemp as a superfood will be a key driver for market growth. Hemp is free from allergens, gluten, genetically modified organism (GMO), lactose, soy, phytoestrogen, and pesticides. Hemp, as an ingredient, is now being used in nutrition bars, tortilla chips, pretzels, beer, salad dressings, cheese, and ice cream. The market potential for hemp-based foods emerging as superfoods is based on its blending capacity in terms of taste and functionality with other common food ingredients.

Further, the report states that low awareness rate will be a challenge for the market. The lack of awareness among consumers globally about the health benefits of hemp as an ingredient restricts its use in various food and beverages by the manufacturers. The major reason for the low rate of awareness is the lack of adequate scientific evidence to prove the benefits of these ingredients, which in turn restricts the marketing initiatives of the manufacturers. As a result, most manufacturers shy away from using hemp as an ingredient in their food products.